HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Private Prison Stocks Soa...

Wed Sep 3, 2014, 08:33 PM

Private Prison Stocks Soar As Companies Cash In On Incarcerated Immigrants

Share prices for two of the largest private prison firms have spiked sharply since an influx of unaccompanied migrant children crossing the border was reported this summer. And some investors in GEO Group and Corrections Corporation of America are seizing on the opportunity for more profit from incarceration, according to recent comments to CNN Money.

“Investors see this as an opportunity. This is a potentially untapped market that will have very strong demand,” activist investor Alex Friedmann told CNN Money.

Both firms, which house prisoners through private sector contracts with the government, have arrangements with federal agencies to detain immigrants. Since July 30, CCA’s stock has increased 8.5 percent, and GEO’s has increased 7 percent. "

*Last year, filings showed GEO Group hired a lobbyist to influence federal immigration legislation, despite promises not to do so. And over the past 12 years, GEO has spent at least $4.2 million on direct, reported political contributions, in addition to other contributions by affiliated political action committees, according to data compiled by the National Institute on Money and Politics. A 2012 Associated Press report found that GEO and the two other largest private prison firms had spent $45 million on campaign donations and lobbyists over the course of ten years. "


http://thinkprogress.org/justice/2014/09/02/3477866/private-prison-investors-see-profit-in-central-american-migrant-influx/

5 replies, 809 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 5 replies Author Time Post
Reply Private Prison Stocks Soar As Companies Cash In On Incarcerated Immigrants (Original post)
damnedifIknow Sep 2014 OP
msongs Sep 2014 #1
IDemo Sep 2014 #2
enough Sep 2014 #3
TBF Sep 2014 #4
phantom power Sep 2014 #5

Response to damnedifIknow (Original post)

Wed Sep 3, 2014, 09:29 PM

1. democrats should demand the end to for profit prisons....except they are party responsible t

Reply to this post

Back to top Alert abuse Link here Permalink


Response to damnedifIknow (Original post)

Wed Sep 3, 2014, 09:55 PM

2. Idaho kicked CCA out

FBI Investigates Company Running 'Gladiator School' Prison

The FBI has launched an investigation of the Corrections Corporation of America over the company's running of an Idaho prison with a reputation so violent that inmates dubbed it "Gladiator School."

The Nashville, Tenn.-based CCA has operated Idaho's largest prison for more than a decade, but last year, CCA officials acknowledged it had understaffed the Idaho Correctional Center by thousands of hours in violation of the state contract.

CCA also said employees falsified reports to cover up the vacancies. The announcement came after an Associated Press investigation showed CCA sometimes listed guards as working 48 hours straight to meet minimum staffing requirements.

The Idaho State Police was asked to investigate the company last year but didn't, until amid increasing political pressure, the governor ordered the agency to do so last month. Democratic state lawmakers asked the FBI to take up the case last month.

http://www.nbcnews.com/news/us-news/fbi-investigates-company-running-gladiator-school-prison-n47481

Reply to this post

Back to top Alert abuse Link here Permalink


Response to damnedifIknow (Original post)

Thu Sep 4, 2014, 06:36 AM

3. k&r (nt)

Reply to this post

Back to top Alert abuse Link here Permalink


Response to damnedifIknow (Original post)

Thu Sep 4, 2014, 06:37 AM

4. Rec for visibility -

although thoroughly depressing.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to damnedifIknow (Original post)

Thu Sep 4, 2014, 09:36 AM

5. The Prison Industrial Complex would be a story of the decade for investigative reporting

that is, if investigative reporting were still a thing in this country.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread